You need only live through one winter in the North American continent’s brutal northerly territory to know that the Canadian nation is made of hardy stuff.

In the months of December to March, temperatures plunge to as low as -35C as Arctic blizzards can dump up to six feet of snow overnight. In the summer, however, many parts of Canada are often rewarded for their fortitude with blazing sunshine and soaring temperatures.

Inured to seasonal hardship, Canadians weathered the global financial crisis with relative ease. While US and European regulators rushed to prop up their dilapidated banking systems, the Canadian banking industry escaped with barely a scratch.

The country experienced a sharp but shallow recession in late 2008 and early 2009, which proved to be much shorter than those experienced by other advanced economies.

Today, its gross domestic product growth stands at an enviable 2.1% for 2011, compared with 1.5% projected for its next-door neighbour the US, according to the International Monetary Fund.

In short, Canada avoided the worst of crisis and, in the words of Mark Carney, governor of the Bank of Canada, the country “entered the summer brimming with confidence”.

However, the land of milk and maple syrup looks set to be entering an early winter. A glacial recovery in the US, Canada’s largest trading partner, combined with a strong Canadian dollar has spelt bad news for Canada’s export industry, which accounts for a third of the overall Canadian economy.

Equally if not more concerning, however, is the outlook for the global commodities market. Blessed with abundant natural wealth, including oil, gas, copper and gold reserves, Canada’s economic fate is closely tied to commodities.

According to the Bank of Canada, natural resources, which represented 12% of gross domestic product before the crisis, has a big impact on broader Canadian economic activity through a range of channels.

Resources account for around a third of all business investment and roughly 45% of Canadian exports. The country’s major stock exchange operator, the TMX Group, is home to about 60% of the world’s public mining companies.

In 2009, demand for raw materials within Asia-Pacific boosted global commodities prices, which in turn helped the Canadian recovery.

Now, as the world teeters on the brink of a double-dip recession, pundits in Toronto want to know if commodities, and most specifically demand from China, can be relied on to save Canada again.

The indicators are not good. The S&P/TSX Global Mining index is down 16% year on year, while oil prices have dropped about 20% from their peak in April.

Furthermore, fundamental Asian growth is no longer certain. Last month, the IMF trimmed both Chinese and developing Asian growth forecasts by 0.1% and 0.2% respectively and, for good measure, it downgraded its commodities prices outlook too.

In 2009, the Chinese government was able to delve into its deep pockets to fund a mammoth $600bn infrastructure-led stimulus programme. Today, rising Chinese inflation makes a second blockbuster package unlikely, say analysts.

While Canada continues to boast one of the lowest debt-to-GDP ratios in the developed world, it is unlikely to escape the impending second global slump. But then Canadians are used to long winters.